Advanced Soltech - Initiation of coverage - Positioned for China’s green growth
In our view, Advanced Soltech is well-placed to benefit from China’s clean energy growth, aided by its solar-as-a-service business model and strong track record, a strong local network through its Chinese partner, and a compelling business case to help its customers cut energy costs. However, we believe strong growth is already priced in, and initiate coverage with a HOLD and a SEK64 target price based on our NAV with 80MW annual growth post-2024 at 7.0% WACC.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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